VeChain Price Prediction: VET primed for its last leg up of a 220% bull rally

VeChain price shows signs of continuing its stellar momentum as it approaches the end of a 220% bull rally.

VeChain price aims higher

VeChain price has appreciated over 40% in the last week as it hovers around $0.08. Interestingly, this zone coincides with the 100% Fibonacci retracement level, and breaching it could trigger the final 28% ascent.

From late December 2020 to-date, VeChain price has been on a constant bull rally with higher highs and higher lows, creating an ascending parallel channel.

The recent tap at the lower trendline of this setup was seen on February 28. Since this bounce, VET bulls have pushed the price up by 145% to $0.080. Hence, VET's market value needs to appreciate by another 28% to hit its intended target at $0.11, coinciding with the 127.2% Fibonacci retracement level.

Nonetheless, the MRI’s breakout line at $0.10 could be a double-edged sword that could affect the rally. If bulls conquer it, VeChain has a high likelihood of continuing its ascent. Else, the altcoin could tumble.

Therefore, a spike in buying pressure, leading to a decisive daily candlestick close above this barrier, is crucial.

VET/USDT 1-day chart

However, investors need to note that the MRI indicator has flashed not one but two “cycle top” signals and suggest that the rally is overextended. 

So, if VET drops below 78.6% Fibonacci retracement level at $0.069, it could invalidate the bullish outlook. In such a scenario, VeChain price could continue its descent to 61.8% Fibonacci retracement level at $0.059.